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Toyota Tsusho Appoints New Board Chairman

Toyota Tsusho Appoints New Board Chairman
Asco Motors
July 15
11:59 2018

Totoya Tsusho (South Sea) Limited Fiji (TTSL), trading as Asco Motors, has appointed a new board chairman following the resignation of Yoshiako Kato, it was announced on Friday.

He has been replaced by Masahiro Kuwahara, who was “unanimously” elected at the company’s annual general meeting (AGM).

Mr Kato’s resignation came at the board of directors meeting held with the AGM, becoming effective at 2PM on the same day, according to a press statement.

It said that Australia-based Mr Kato will be returning to Japan to take responsibility of a new assigntment with the Toyota Tsusho Group, which is the majority shareholder in TTSL.

He had been chairman of the board since April 2015.

“Mr Kuwahara brings a wealth of knowledge and experience to TTSL, having worked for the Toyota Tsusho Group in the automotive field for many years,” the statement published by the South Pacific Stock Exchange said.

“He also has first-hand knowledge of the company’s business, having worked in the region some years ago; based in the Toyota Tsusho South Pacific Holdings office in Brisbane, during which time he visited Fiji and the TTSL subsidiaries many times.”

According to the statement, Mr Kato had made significant and valuable contributions towards the company.

The company’s directors expressed their gratitude to Mr Kato, the statement said.

The publicly listed company, who are the largest dealers of Toyota vehicles in Fiji, recorded a 19 per cent growth in revnue for the financial year 2016/17 compared to the previous year.

Revenue from its Fiji operations also grew by 26 per cent, which the company attributed to good sales on new Toyota vehicles, as well as the ex-lease used vehicles.

Its car hire business in Fiji also performed 16 per cent better compared to the previous year, according to the company’s 2016/17 audited financial statement.

The company paid dividends of 40 cents per share (FJ$5.6 million) for the 2016/17 financial year.

Mr Kato in his 2016/17 chairman’s report predicted a moderate business outlook for 2018, expecting growth in marine and care hire businesses.

He said the Asco Motors business was focussed on improving the quality levels of “our infrastructure and service levels,” despite the high-level of competition in the vehicle market.

Feedback:  sheldon.chanel@fijisun.com.fj

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